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Islamic Banking and Financial CrisisReputation, Stability and Risks$
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Habib Ahmed, Mehmet Asutay, and Rodney Wilson

Print publication date: 2013

Print ISBN-13: 9780748647613

Published to University Press Scholarship Online: May 2014

DOI: 10.3366/edinburgh/9780748647613.001.0001

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date: 26 May 2020

Towards Genuine Sharīc ah Products with Lessons of the Financial Crisis

Towards Genuine Sharīc ah Products with Lessons of the Financial Crisis

Chapter:
(p.222) 12 Towards Genuine Sharīc ah Products with Lessons of the Financial Crisis
Source:
Islamic Banking and Financial Crisis
Author(s):

Abdulazeem Abozaid

Publisher:
Edinburgh University Press
DOI:10.3366/edinburgh/9780748647613.003.0012

This chapter examines the outcomes of Sharī’ah governance in Islamic financial institutions, with emphasis on financial products that have raised objections from Sharī’ah board members, particularly eina (back-to-back sales that are commonly used for housing finance) and tawarruq (method of providing cash advances). It illustrates how the financial crisis has demonstrated the imprudence of such financing methods and argues that eina and tawarruq do not contribute anything to maslahah, the goals of the Sharī’ah.

Keywords:   financial products, Sharī’ah, Islamic financial institutions, eina, tawarruq, financial crisis, financing, maslahah

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